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Housing Inventory Shrinks in Many Markets

By

James R. Hagerty

Updated Dec. 10, 2008 12:01 a.m. ET

The glut of homes listed for sale continues to shrink gradually in many metropolitan areas.

In November, the supply of homes available for sale in 29 major metropolitan areas was down 3.6% from a month earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif. The ZipRealty data cover all single-family homes, condominiums and town houses listed on local multiple-listing services...